Bumblebee (NYSE: BMBL) shares are up 10% ahead of its second trading day on Wall Street. The dating app is valued at $ 8 billion and its stock is trading at about $ 73. The Bumble app brings together men and women, but unlike other market acquaintance apps, the initial connection is made by the women only (by definition). Yesterday, during its first day on Wall Street the company rose nearly 70%.
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The company has already raised $ 2.15 billion after selling 50 million shares at a price of $ 43. “The enthusiasm on Wall Street from Bumblebee indicates that they understand that we are more than a dating app,” says the company’s CEO, Whitney Wolf Heard, 31, the youngest on Wall Street.
“The world has recognized the power of online dating, and the world is about to recognize the power of belonging to the community and making connections to fulfill your needs online. This is what has guided us in our commitment to developing women’s protection,” she added.
As of the end of the third quarter, the company has 42 million active monthly users, of which 2.5 million are subscribers in peace, a growth of 22% compared to the same period last year. Bumble is expected to end 2020 with revenues of approximately $ 541 million reflecting an 11% growth compared to 2019. However, some of the fundraising funds will be used to repay a debt of approximately $ 900 million.
Bumble held in 2014 with the vision to get women to take the first step in heterosexual relationships. In same-sex relationships, each individual can turn to another. Heard founded Bumble at the age of 24 and has experience in developing dating apps. Heard was one of Tinder’s openers, but left the company while suing one of the executives for sexual harassment. In a settlement agreement she received $ 1 million in compensation.
Of the 559 companies issued in the U.S. over the past 12 months, only three, including Bumble, were formed by women. After the IPO, Heard’s fortune is estimated at $ 1 billion.
Heard could join Catherine Wood, who is currently more or less the queen of Wall Street, according to which he will rule anything (that is, a stock will rise or fall). Similarities can be discerned between the two when, in addition to making a profit, they emphasize value for investors. Both seek to enable their customers to join a technological world with a better future. It now remains to be seen whether the app’s connection with Wall Street is a long-term affair or just another momentary flick.
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